FEDAI Rules- Rule 4, Merchanting Trade RULE 4-Merchanting trade Banks will make remittances or open letter of credit in favour of the overseas suppliers provided an advance remittance for the full value or an irrevocable letter of credit for the full value has been received/ opened in favour of the merchanting trader who is not a more financial intermediary. Back-to-back letter will be treated as separate transaction and commission as per Rule 3 II.C. shall be charged to the customer. The banks are allowed to fix Forward Purchase Contract if so desired by the merchant for the difference period of receipt of the proceeds of the on-sale. If foreign currency remittance are received in advance from the overseas buyer, the banks may at the specific request of merchanting trade customer hold the foreign currency funds in their Nostro account without converting the amount into Indian Rupee till the date of payment to the overseas supplier. Bank shall not apply buying and selling rates of exchange. Commission at 0.25% shall not pay interest on such advance remittances or grant Rupee advances against foreign currency funds thus received.
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 10-08-2022 Stocks in the news: SBI, Titan, M&M, Airtel, Tata Motors, Paytm and Nykaa Date: 10-08-2022 Rice sowing in the current kharif season has dropped 13% till August 5 due to rainfall deficiency in Date: 10-08-2022 Companies seek refund after HC reaffirms Advance Authorisation benefit Date: 09-08-2022 Commerce ministry recommends anti-dumping duty on Chinese cutting tool Date: 09-08-2022 Adani APSEZ Q1 Results: Net profit falls on lower revenue Date: 09-08-2022 Specify time limit for remittance of SEZ export proceeds Date: 09-08-2022 Companies seek refund after HC reaffirms Advance Authorisation benefit Date: 09-08-2022 Reducing import, increasing exports: How states are doing their bit for the economy Date: 08-08-2022 Karnataka govt attracted investments worth Rs 1 lakh crore in last 3-4 months: Minister Date: 08-08-2022 IPEF trade pillar must be converted into a trade agreement suggest experts What is New? Date: 08-08-2022 Notification No. 67/2022 Customs (N.T.) Passenger Name Record Information Regulations, 2022. Date: 04-08-2022 Notification No. 66/2022 - Customs (N.T.) Exchange rate Notification No.66/2022-Cus (NT) dated 04.08.2022-reg. Date: 03-08-2022 Notification No. 24/2022-Customs (ADD) seeks to impose anti-dumping duty on Opal Glassware from UAE & China PR for a period of 5 years. Date: 02-08-2022 Notification No. 22/2022-Central Excise Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and exempt export of Aviation Turbine Fuel. Date: 02-08-2022 Notification No. 21/2022-Central Excise Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel. Date: 01-08-2022 NOTIFICATION No. 17/2022 – Central Tax Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 10 Cr from 01st October, 2022. Date: 23-07-2022 Notification No. 44/2022-Customs Seeks to amend notification No. 49/2021 - Customs, dated 13.10.2021, in order to extend the concessional Agriculture Infrastructure and Development Cess [AIDC] of Nil on Lentils (Mosur) up to and inclusive of the 31st March, 2023. Date: 21-07-2022 Notification No. 64 /2022 - Customs (N.T.) Exchange rate Notification No.64/2022-Cus (NT) dated 21.07.2022-reg. Date: 20-07-2022 Notification No. 43/2022-Customs Seeks to amend notification No. 22/2022-Customs, dated 30.04.2022 to enable TRQ holders to import gold through IIBX under TRQ mechanism of India-UAE CEPA . Date: 19-07-2022 Notification No. 19/2022-Central Excise Seeks to exempt the excisable goods, namely Petrol, Diesel and Aviation Turbine Fuel from Special Additional Excise Duty and Road and Infrastructure Cess when exported from units located in the Special Economic Zones (SEZ).
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